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Dec 31, 2020
SEACOR Marine Q4 2020 Earnings Report
Announced fourth quarter 2020 results.
Key Takeaways
SEACOR Marine Holdings Inc. reported consolidated operating revenues from continuing operations for the fourth quarter of 2020 were $36 million, operating loss was $16.9 million, and direct vessel profit (“DVP”) was $10.5 million. Net loss attributable to SEACOR Marine’s continuing operations was $38.9 million ($1.54 loss per basic and diluted share).
Entered into definitive agreement to sell Windcat Workboat Holdings Ltd. (“Windcat”) and its crew transfer business with the transaction closing on January 12, 2021.
Average dayrates, excluding those for the wind crew transfer vessel fleet, were $10,931 in the fourth quarter of 2020 compared to $10,846 in the fourth quarter of 2019.
$9.7 million in equity in losses of 50% or less owned companies.
Delivery and entry into service of a new platform supply vessel equipped with a hybrid battery power system.
Revenue by Geographic Location
Forward Guidance
SEACOR Marine is optimistic about the future.
Positive Outlook
- Commodity prices supporting our oil and gas markets recovered substantially in the fourth quarter of 2020, reaching pre-pandemic levels for the first time, with continued upward momentum since the beginning of 2021.
- COVID-19 operating protocols are getting clearer and better every day.
- Our liquidity is strong with $42.6 million of net cash proceeds from the Windcat sale.
- We have a diverse and technologically superior asset base with a dedicated and motivated team of employees.
- SEACOR Marine is also uniquely positioned to benefit from an increasing focus on sustainability and the transition to a lower carbon economy.
Challenges Ahead
- The fourth quarter results reflect continued depressed levels of utilization, primarily for our liftboat fleet in the United States
- higher expenses in connection with COVID-19 operating protocols
- seasonality
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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